IC-DISC Taxpayers can use an Interest Charge Domestic International Sales Corporation (IC-DISC) to obtain a tax incentive available to manufacturers, producers, resellers, and exporters of goods that are produced in the United States with an ultimate destination outside the United States. An IC-DISC reduces its shareholders' income tax liability by converting ordinary income from sales[…]

Forensic Accounting is the specialty practice area of accounting that describes engagements that result from actual or anticipated disputes or litigation. “Forensic” means suitable for use in Court, and it is to that standard and potential outcome that forensic accountants generally have to work. Forensic accountants often have to give expert evidence at the eventual[…]

Qualified Business Income Qualified Business Income (QBI) includes the net domestic business taxable income, gain, deduction, and loss with respect to any qualified trade or business. QBI specifically excludes the following items of income, gain, deduction, or loss: 1) Investment-type income such as dividends, investment interest income, short-term & long-term capital gains, commodities gains, foreign[…]

Internal audit provides independent, objective assurance over an organization’s risk management, internal control, governance and the processes in place for ensuring effectiveness, efficiency and economy. Each audit plan will be different and tailored to the organization’s needs. However, there are common elements that the audit committee should expect to see when reviewing the audit plan,[…]